Canadian Solar sells 70% stake in 738MWp of PV projects in Brazil

An operational PV project from Canadian Solar in the US. Image: Canadian Solar.

Canadian Solar is selling a 70% interest in two solar plants in Brazil with a combined capacity of 738MWp to SPIC Brasil, a subsidiary of State Power Investment Corporation of China (SPIC).

The Marangatu and Panati-Sitiá projects, sized at 446MWp and 292MWp respectively, are located in the Brazilian states of Piauí and Ceará.  

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Both are currently at an advanced stage of development and are expected to begin construction later this year and reach commercial operation in late 2023.

Around 75% of the projects’ energy is already committed through long-term power purchase agreements, with the remainder to be sold in the free market.

With the completion of the sale, Canadian Solar will have monetised 2.3GWp of utility-scale solar in Brazil, as it continues to execute its remaining 1.6GWp backlog of contracted PV plants in the country, according to the company’s CEO, Shawn Qu.

The sale comes after Canadian Solar closed a BRL500 million (US$100 million) financing facility last year to develop a Brazilian solar portfolio. It has since sold a 635MWp PV plant in the Brazilian state of Minas Gerais to renewables company VTRM Energia Participações.

Qu said Canadian Solar now plans to expand its position across more Latin American markets, including Colombia and Chile.

The manufacturer last month unveiled a new PV manufacturing strategy that will see it develop tens of gigawatts of solar ingot, wafer and cell capacity in the second half of this year at a total capex cost of around US$850 million.

For SPIC Brasil, the acquisition marks its first solar investment in Brazil. Its parent company has a total installed capacity globally of 187GW, including 35GW of solar and 85GW of thermal power.

Other recent developments in Brazil’s solar market saw solar bidders win 166MW of capacity in the country’s latest renewables auction, while oil and gas company Galp is acquiring a 4.6GWp portfolio of under development solar plants in the country.

Read Next

June 14, 2024
PV Tech's coverage of the SNEC 2024 trade show continues on day two, kicking off with a discussion with GCL System Integration.
June 12, 2024
Module manufacturer Canadian Solar has inaugurated its first production facility in the US with a 5GW TOPCon module assembly plant.
June 11, 2024
JA Solar tops the list with the score of 82.9 out of 100, followed by Trina Solar (81.7), JinkoSolar (80.8) and Canadian Solar (78.5).
June 11, 2024
Recurrent Energy, the renewables developer arm of solar manufacturer Canadian Solar, has powered a 360MW solar PV plant in Brazil.
June 7, 2024
Solatio has signed a memorandum of understanding (MoU) with the Piauí state government in Brazil to develop a 4GW solar PV plant.
May 24, 2024
Solar project developer Recurrent Energy has secured a €674 million (US$730 million) revolving credit facility to expand its European solar and battery energy storage system (BESS) portfolio.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia